1. A bid that does NOT specifiy how long it remains open or in effect is considered to be
open for - ANS-reasonable amount of time.
2. A building official MUST issue a certificate of occupancy for a building that meets all
the requirements for a certificate within a MAXIMUM of how many working days after
the certificate was requested? - ANS-5
3. A company's net worth is equal to - ANS-owner's equity.
4. A contract for which of the following types of structures may be subject to recovery
from the Transaction Recovery Fund? - ANS-Residential only
5. A contract refers to an insurance agreement that the contractor is REQUIRED to
have. This is considered - ANS-part of the contract.
6. A contractor plans to use materials or methods other than those standard in the
industry. The contractor should - ANS-verify that the representative has the authority
to bind the corporation.
7. A contractor should do all of the following when estimating a project EXCEPT -
ANS-assume ideal conditions.
8. A contractor uses funds paid by a project owner to purchase materials to start a
different project. The laborers for the original project do NOT get paid by the
contractor. Under the lien law, this is considered - ANS-intent to defraud by the
contractor.
9. A firm desiring to be licensed as a Class B contractor MUST have a MINIMUM net
worth of - ANS-$15,000
10. A licensee's name change MUST be reported to the Board within a MAXIMUM of
how many days? - ANS-30 days.
11. A reason for using a lower than usual profit markup for a specific project could be to -
ANS-cover company overhead costs
12. A verified claim for payment from the Transaction Recovery Fund MUST occur within
a MAXIMUM of what period of time from the date the claimant was awarded a final
judgment? - ANS-12 months.
13. According to the Board Rules and Regulations, a full-time employee is one who
works a MINIMUM of how many hours per week? - ANS-30 hours.
14. According to the Board Rules and Regulations, which of the following could be a
qualified individual? - ANS-Any full-time employee
15. Additions to buildings MUST comply with - ANS-the current code for new
construction.
16. All Class A contractor licensure applications MUST include - ANS-information on the
knowledge, skills, and abilities of the applicant.
17. All of the following are advantages of good scheduling EXCEPT - ANS-reduced
training costs.
18. All of the following are considered general conditions that could affect costs directly
associated with a specific project EXCEPT - ANS-profit margin.
19. All of the following must be licensed EXCEPT - ANS-a material supplier who advises
a contractor.
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